OPEC Agrees to Renew 30 Million BPD Oil Output Ceiling

OPEC agreed on Wednesday to renew its oil production ceiling of 30 million barrels a day for the second half of this year, in a widely anticipated decision.

The 12-member Organization of the Petroleum Exporting Countries is satisfied with oil prices around $110 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel, ministers said.

Two member countries, Libya and Iran, are producing well below capacity because of civil conflict and sanctions respectively, helping support prices.

In its end-of-meeting communique confirming the decision, OPEC also said the next meeting would take place on Nov. 27 and its Secretary General Abdullah al-Badri's term would be extended to June 30, 2015.